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Next-Generation Fraud Detection Frameworks Benefit from Partnerships of Flexibility and Resourcing, Says Aite-Novarica Group

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Next-Generation Fraud Detection Frameworks Benefit from Partnerships of Flexibility and Resourcing, Says Aite-Novarica Group

New report outlines case study between NatWest and Featurespace to improve detection rates while reducing false-positive rates

The design objectives for developing an effective APP/scam detection platform are aspirational for most financial institutions (FIs). And yet, in this is the age of technological achievements, developing risk models based on carefully selected features assembled from a range of data sources for revealing a scam unfolding within a tiny window of time is the next frontier of innovation in fraud detection technology.

In a new report, On the Frontier of Scam Detection: Boldly Going Where No One Has Gone Before, research and advisory firm Aite-Novarica Group explores the nature of the scam detection challenge, the design objectives useful for fraud executives to pursue, and the case study of a successful partnership between NatWest and Featurespace.

“This partnership pioneered the development of a scam detection model that led to substantive improvements in fraud and scam detection rates and significant reductions in false-positive rates,” said Trace Fooshée, Strategic Advisor at Aite-Novarica Group. “The collaboration between NatWest and Featurespace revealed the benefit of pursuing a rigorous process for empirically selecting only those data sources and features that are optimally predictive in detecting potential fraud.”

preview of the report is available online, and desk copies are available to qualified media. Please contact [email protected] or call Kaitlyn Labbe at +1.857.327.9442 for more information.

About Aite-Novarica Group:
Aite-Novarica Group is an advisory firm providing mission-critical insights on technology, regulations, strategy, and operations to hundreds of banks, insurers, payments providers, and investment firms—as well as the technology and service providers that support them. Comprising former senior technology, strategy, and operations executives as well as experienced researchers and consultants, our experts provide actionable advice to our client base, leveraging deep insights developed via our extensive network of clients and other industry contacts. Visit us on the web and connect with us on Twitter and LinkedIn.

Press Contact:
Kaitlyn Labbe
Public Relations
+1.857.327.9442
[email protected]